#MEMEAct

Connecticut Senator Chris Murphy introduced a bill on Tuesday that would prohibit U.S. President Donald Trump and other federal officials from promoting a meme coin featuring the commander-in-chief.

The bill, named the Modern Emoluments and Malfeasance Enforcement (MEME) Act, would have broad applicability to securities and digital assets — alongside other types of investments — and would require officials to "not attempt to exploit public office for financial gain."

In a statement, Murphy argued that the president's meme coin, Official Trump (TRUMP), represents exactly the kind of self-aggrandizement that the MEME Act aims to ban. "Donald Trump is essentially publishing his Venmo so that any billionaire, CEO, or foreign oligarch can take advantage of favors by secretly sending him millions of dollars," Murphy said, describing it as "the most corrupt act ever committed by a president."